2ndrenfunding
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Create standard operating procedure...
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2ndrenfunding commits to:
Create standard operating procedure for subject to deed lease option
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My Commitment Journal
 2ndrenfunding
February 6, 2018, 6:59 PM
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| Ill put together a power point once I have the contracts | |
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2ndrenfunding
February 6, 2018, 6:58 PM
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taking over existing mortgage, but the loan is still in the sellers name you can go to closing the deed is in your name mortgage is still in their name closing costs you have to pay to close subject to property and turn around and use a lease option - be prepared that if mortgage company finds out you have to call it due be prepared money order or get access to login to mortgage company - they would never know as long as you aren’t brining up homeowners insurance need to be in the mortgage payments if the seller has homeowners insurance you need to get dont throw up red flags do what you are supposed to do on time step by step 1.) right contract for subject when approaching the seller 2.) understanding their why, their has to be benefit of subject to - when negotiating with a seller wholesaling lease option - wendy patton seller don’t have to maintenance, maintain property, and pay for everything, they never have to worry about selling their house, no realtors, no closing costs, dont have to worry about tenant you maintain the property, make the payments to the mortgage company - NEVER late, SAVING THEIR CREDIT BY DOING THIS you will carry a $1,000,000 liability property so they will come after me tell them that they are going to save their credit, because they are going to maintain it, do repairs, make the mortgage payments on time never late, maintain liability insurance prequalified tenant buyer in the 12-24 months they will get their own mortgage but your debt is paid in full, all you did was do is increase their credit score STEPS 1.) Show the benefits 2.) Draw up contract that they can sign, set up closing 3.) Close and get access to property then immediately then ACCESS DAMAGE, scratch and dent client store 4.) List as lease for option with real estate agent - first months rent as payment. NO COMMISSION on other end 5.) Get tenant buyer in place, get option fee at lease signing 6.) Wait it out make payments BUT you have to have the lease option in place first Negotiate 7.) Assign the lease and option to tenant buyer explain that the seller doesn’t have to worry about anything 8.) They will sell at estimated value at 1-2 years ( no more than 2 ) 9.) Get your option money - explain to the seller that you are getting a motivated seller I put sellers and buyers together |
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